Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARDS :: TDS :: due date for vat payment :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: empanelment :: cpt :: ACCOUNTING STANDARD :: form 3cd :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT
News Headlines »
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C

Clarification on repayment of deposits accepted by the companies before the commencement of the Companies Act, 2013 under section 74 of the said Act.New
June, 19th 2015

                                                       Ge.lsralltrqu]gl I',le-Ef2-Q-ls
                                  No. 1/8/2O 13-CL V
                                  Government of India
                              Ministry of Corporate Affairs

                                                  sth Floor, A wing, Shastri Bhavan,
                                                             Dr R.P. Road, New Delhi

                                                              Dated: l&1June,    20 15


    All Regional Directors,
    A11 Registrars of companies,
    All Stakeholders.

    Subject: Clarification on repayment ofdeposits accepted by the companies before
             the commencement of the Companies Act, 2013 under section 74 of the
             said Act


          This Ministry has received representations seeking clarification regarding
    processing of the deposits related complaints recived from investors under
    section 74 of the Companies Act, 2013 (the said Act) in respect of defaults made
    by companies in repayment of deposits accepted by them before th
    commencement of the said Act i.e. before lst April, 2014 and filing of
    prosecutions against defaulting companies by the Registrars of
    Companies/Regional Directors.
2. The matter has been examined in the Ministry and it is clarified that vide Removal of Difficulties (Scond) Order [S.O. 1428(E)l dated 2"d June, 2014 ar'd Removal of Difficulties (Fourth) Order lS.O. 146O(E)l dated 6d June, 20 14, the Company Law Board has been empowered to exercise the powers of National Company taw Tribunal under sub-section (4) of section 73 and sub- section (2) of section 74 of tL'e said Act, till the latter's constitution. Thus, a depositor is free to lile an application under section 73(4) of the said Act, with the Company Law Board if the company fails to make repayment of deposits accepted by it. Further the company may also file application under section 74(21 of the said Act with the Company Law Board seeking extension of time in making the repayment of deposits accepted by it before the commencement of the provisions of the said Act . 3. Further, attention is also drawn to Explanation appearing below Rule 19 of the Companies (Acceptance of Deposits) Rules, 2014 which clarifies the conditions subject to which a company would be deemed to have complied with the requirements laid down in Section 7a(1)(b) of the Companies Act, 2013 Companies can repay deposits accepted prior to 1"t April, 2O14 in accordance withierms arld co;ditions for which the deposits had been accepted. 4. It is also clarified that there is no bar on the Registrar of Companies for filing of prosecution against a company if such company fails to make repayment ofdeposits accepted by it under the provisions of the Companies Act, 1956 or Companies Act, 2013, subject to the contents of para 3 above- This issues with the approval of the competent authority Yours faithfully j.Ao^,Iu - (KMS Nara ananl Assistant Director (Policy) Copy to:- 1. e-Governance Section and web contents Officer to place this circular on the Ministry website 2. cuard File
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions